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Market Watch Newsletter MARKET WATCH NEWSLETTER Lockton Real Estate & Construction November 2019 @LocktonREAC www.LocktonREAC.co.uk Broking done differently PAGE 1 So, Halloween came and went without the promised resolution to the endless uncertainty around the UK’s departure from Europe. With What’s inside increasing evidence of price stagnation and transactional inertia in the residential market, the commercial property is scarcely any livelier. Brownfield opportunties for developers and The results of a quarterly survey by the RICS, published on the very day owners the UK failed again to exit the EU, found that more respondents felt we PAGE 2-3 are in the downturn phase of the property cycle than at any time since the poll began in 2015. The report concluded that Brexit is having an The curious case of the church roof repairs ‘increasingly detrimental impact on market activity.’ PAGE 3-4 While we can’t entirely promise to raise your spirits from the slough of Brexit uncertainty, perhaps we can at least distract you with the latest An asset on the rise: Infrastructure issue of our Market Watch Newsletter. In which, you’ll find articles PAGE 5-6 on opportunities in brownfield site development and infrastructure development - and the hazards of chancel repair liabilities. Events PAGE 7 We’ll be back with another edition in the new year, by which time we’ll have a new government - and maybe even an end at last to the saga of Brexit. RICHARD OWEN HEAD OF LOCKTON REAL ESTATE AND CONSTRUCTION PARTNER, LOCKTON COMPANIES LLP T: +44 (0)20 7933 2452 M: +44 (0)7776 170 759 E: [email protected] HAVE YOUR SAY If you have any comments on this edition of our newsletter or would like to contribute an article to a future edition, please contact us at: [email protected] PAGE 21 Brownfield opportunities for developers and investors In the present climate it can be tricky to identify real estate assets where clients are able to realise value. Across the development and investment markets a far more sector focused approach is being taken. Some sectors are hot, some Jenny Sargeant, Fladgate LLP are not…. At Fladgate we are helping our clients We live in a world where it is becoming mainstream to be We recently carried out a client survey and 73% of our clients identify those sectors vegan, it’s a social faux pas to forget your own bag when believe that brownfield is a growth sector for the next three shopping and plastic packaging is on the way out. Concerns years. Our sweetspot is acting for entrepreneurial clients who where opportunities can be about our environment and the likely extinction of many we class as “trend initiators”, so we think this is a message unlocked and in particular species have increasing profile and influence. Set against this worth listening to. we are focusing on the is the reality of a growing population worldwide, a trend of opportunities presented by increasing urbanisation set to continue for many decades in What our survey also revealed is that new entrants and brownfield development the UK and a shortage of housing. There is an opportunity lenders are nervous about some of the challenges presented in the property market to leverage off these demographic by brownfield. There is increased likelihood of contamination and investment in our changes by delivering schemes which cater to society’s issues needing to be dealt with and though sites will already Brownfield campaign changing needs by reusing redundant space. have infrastructure links and utility connections most will (follow our campaign at need major overhaul to accommodate a modern more #FladgateBrownfield). Our established developer clients have been involved in intensive development. Lenders and investors are sensitive brownfield development and regeneration for a long time. about the potential costs and delays that may be caused by Brownfield land is land They are highly specialised at what they do and are expert addressing these issues. which has previously been at delivering schemes to cost and on time (even with the used before, so what we usual brownfield “quirks” factored in). They are passionate As with any development, rights of lights issues can also are talking about here is the about what they do and have great vision and an ability to present, especially if the intensification of use means building maximise the use of sites. And what they really care about is upwards and increasing the envelope of the building. There “recycling” of land. “placemaking” – their ability to reinvent or relaunch an area are also likely to be historic rights on the title relating whilst retaining a sense of heritage and history. to previous use and often parcels of unregistered land (especially when a developer is consolidating smaller plots to piece together a larger site). PAGE 31 All of these issues are matters which experienced developers are very used to dealing with. A developer will be looking to tie down these issues as The curious case of the church soon as possible to de-risk them. Third party consent processes need to be initiated as soon as possible so these do not hold the project up further down roof repairs the line. Contractors in the current market will be very resistant to taking on any remediation risk so Richard Ward, Countrywide Legal Indemnities developers will prioritise carrying out investigations to quantify remediation costs. With rights of light The days when every landowner paid a tithe may be long gone, but the and title issues, insurance is often the solution so that church can still rely on a medieval law to raise funds. An anomaly of the developer can proceed quickly but still ensure its funder and investors have confidence that any issues property law in England and Wales is that owners of properties built on that present down the line can be mitigated. current or former church land can be liable to help fund urgent repairs to their local parish church. When this happened to a client of ours recently, Our developer clients see all these issues as part they were glad they’d insured to cover the cost. of the course of their business. They have the experience to be able to address issues as they arise Our client owned a large commercial warehouse in the West Midlands. When they came to either internally or by engaging consultants. This remortgage the property a few years ago, a diligent solicitor discovered that - since the original track record is very important in securing financing purchase - the title had become subject to a Unilateral Notice for chancel repair liability in favour arrangements. Because of this Brownfield is not a of the local Parochial Church Council (PCC). This updated and reinforced the owner’s potential sector likely to see a high influx of new developer liability for church repairs and prompted their solicitor to recommend taking out chancel liability entrants. However, by partnering with established insurance. developers, investors can increase their exposure to this growth sector. The issuing of the Unilateral Notice indicated a greater likelihood of a claim at some point in the future, so we wanted to investigate the circumstances further. We learned that the property was Brownfield is an opportunity for the property industry some distance from the church in a built-up area, so any liability would be heavily diluted and on to be part of a much needed wider solution to that basis, we provided a policy with a £500,000 limit for a premium of £495. address the serious issues affecting our environment. Given growing “consumer conscience” we expect this Then, in December 2017, our client received a letter from the PCC advising them that the sector to be increasingly attractive to investors. It is chancel roof of the church needed repairs costing £90,000. In strictly legal terms, because the an example of sustainability and business opportunity responsibility had been assessed as ‘joint and several’, a single plot owner could have been held going hand in hand and a sector to watch in the responsible for the whole sum, with the onus on them to identify others with whom to share the future. burden. JENNY SARGEANT | Partner Fortunately for our client, the PCC had instead identified the owners of 16 large plots and asked Fladgate LLP each for £5715 as a one-off payment, in return for which the Unilateral Notice would be cancelled, T: +44 (0)20 3036 7288 absolving the owners of any future liability. E: [email protected] PAGE 42 Lockton are sponsoring the Student Accommodation Conference Wednesday, 11th December Lockton are once again sponsoring the Student Conference. The PCC’s approach was fair, but also firm. expense and delay of instructing lawyers. We’ve If you would like to meet with a member of the team, please Two of the 16 claimed they couldn’t afford to learned from previous chancel claims that it’s visit stand 15 or contact us as follows: contribute. Having assessed their business rarely simple or straightforward determining accounts, the PCC agreed that one could pay whether or not such archaic liabilities apply. less, but insisted the other pay up in full! Ben Warman From our client’s point of view, the claim clearly Partner Member of REAC Executive Committee Having been notified of the claim, our in-house had a happy ending. Just three weeks had T: +44 (0)20 7933 2623 claims team had to decide whether to accept elapsed from the moment we were notified of M: +44 (0)7810 815 863 the liability or challenge the claim’s validity.
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